Free Practice Questions for Series 99

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Exam Review

Key Facts: Series 99 Exam

Equated

Passing Score

Current FINRA outline; numerical cutoff not stated

Total Delivered

50 scored + 5 pretest

70%

Operations Content

FINRA blueprint

30%

Conduct & Ethics

FINRA blueprint

$100

Exam Fee

FINRA

90 min

Exam Duration

FINRA

The Series 99 has 50 scored questions plus five unscored pretest items in 90 minutes. FINRA allocates 70% to operations and 30% to professional conduct. The current official page and linked outline reviewed do not state a numerical passing cutoff; FINRA uses equated scoring.

Sample Series 99 Practice Questions

Try these sample questions to review concepts for the Series 99 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 229+ question experience with AI tutoring.

1During account opening, an individual customer provides only a PO box as the address. Under the firm's CIP procedures, what is the best next step?

A.Open the account and collect a street address after the first trade settles

B.Obtain a residential or business street address, or another permitted physical address, before opening the account

C.Accept the PO box if the registered representative knows the customer personally

D.Use the branch office address as the customer's address of record

Explanation: Customer Identification Program procedures require collection of identifying information that can support a reasonable belief the firm knows the customer's true identity. A PO box alone generally does not satisfy the physical address requirement for an individual account.

2In a UTMA custodial account, who is the beneficial owner of the assets?

A.The custodian, because the custodian controls trading

B.The minor, because the assets are held for the minor's benefit

C.The broker-dealer, until the minor reaches the age of termination

D.The state named in the account registration

Explanation: A custodial account is controlled by the custodian, but the property legally belongs to the minor beneficiary. Operations staff should distinguish control authority from beneficial ownership when reviewing the registration.

3A newly hired registered representative wants to open a personal trading account at another FINRA member. What should operations confirm first?

A.That the outside account will be cash only

B.That the representative has delivered a copy of the employment agreement to the outside member

C.That the representative has given prior written notice to, and obtained required consent from, the employing member

D.That a transfer agent has approved the account title

Explanation: Accounts of associated persons held at another member firm are subject to special controls. The employing member must receive notice and, where required, give prior written consent, and it may request duplicate statements and confirmations.

4A customer wants monthly cash distributions sent automatically to the same bank account without placing a new request each time. Which setup best addresses this?

A.Treat each payment as a new ad hoc third-party wire request

B.Establish authenticated standing disbursement instructions to a same-name bank account and use them under firm procedures

C.Allow the customer to email new bank instructions each month without verification

D.Route the payments to the registered representative for forwarding

Explanation: Standing settlement or disbursement instructions are designed for recurring movements to preauthorized destinations. Operations should verify the bank relationship and retain documented authorization before reusing the instructions.

5Before a customer begins trading listed options in a newly approved options account, which disclosure document is the customer expected to receive?

A.The issuer's annual report

B.The Characteristics and Risks of Standardized Options booklet

C.A transfer agent signature guarantee guide

D.A margin maintenance call notice

Explanation: The options disclosure document explains standardized options, including risks, exercise features, and assignment exposure. Operations staff should recognize it as a core product disclosure tied to options account opening and approval.

6Which account type permits a customer to borrow from the broker-dealer to purchase securities?

A.Cash account

B.Margin account

C.Custodial account

D.Estate account

Explanation: Only a margin account allows the firm to extend credit to the customer for securities purchases. A cash account requires the customer to pay in full without borrowing from the broker-dealer.

7A trustee asks to place a trade that would expose the trust to leverage. What should operations verify before accepting the order?

A.That all trust beneficiaries have personally approved the trade

B.That the trust agreement or trustee certification authorizes the trustee to use that type of authority

C.That the trustee has had the account for at least one year

D.That the grantor's Social Security number appears on the account record

Explanation: Trust accounts are governed by the powers granted in the trust instrument or acceptable certification. If the document does not support margin or other leveraged activity, the firm should not process the transaction based only on the trustee's request.

8A customer's driver's license shows an old address because the customer moved recently, but the account application lists the new address. Under CIP, what may the firm do?

A.Reject the account automatically because all identity documents must show the same current address

B.Use documentary and non-documentary methods to form a reasonable belief the firm knows the customer's true identity

C.Waive CIP because the customer says the move occurred within the last 30 days

D.Open the account with no further review if the first deposit clears

Explanation: CIP requires reasonable procedures, not perfect document uniformity. When information conflicts, the firm may use additional verification steps to resolve the discrepancy and support a reasonable belief that it knows the customer.

9A corporation opens a brokerage account. Who should generally be permitted to enter orders on the account?

A.Any corporate officer who calls from the main office number

B.Any shareholder owning more than 10% of the company

C.Only the individuals authorized in the corporate resolution or equivalent account documents

D.Only the corporation's outside accountant

Explanation: For entity accounts, trading authority flows from the entity's governing documents and resolutions, not from title or ownership alone. Operations must rely on the firm's approved authorization records to know who may act for the account.

10A retail customer changes the mailing address on an account and, later the same day, requests a large outbound wire to a newly added bank. What should operations do?

A.Process the wire immediately because both requests came from the logged-in customer portal

B.Independently verify the address change and disbursement request under heightened controls before releasing funds

C.Ignore the address change because only bank information matters for a wire

D.Delay the wire until the next settlement day and then release it without further review

Explanation: A recent profile change followed by a high-risk disbursement is a classic operational red flag. The correct response is not an automatic denial, but independent verification and escalation under the firm's account-maintenance and fraud controls.

About the Series 99 Exam

The Series 99 qualifies operations professionals to support core broker-dealer workflows, including account opening, transfers, custody and control, settlement, confirmations, books and records, privacy, and supervisory controls.

Exam sponsor: FINRA. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

50 scored multiple-choice questions plus 5 unscored pretest items

Time Limit

1 hour 30 minutes

Passing Score

Not stated in the current FINRA Series 99 page or linked outline; FINRA uses equated scoring

Exam / Certification Fees

$100

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

70%

Knowledge Associated with the Securities Industry and Broker-Dealer Operations

Account opening and maintenance, cashiering and account transfers, custody and control, trade reporting, margin, settlement, statements, regulatory financial requirements, and books and records.

30%

Professional Conduct and Ethical Considerations

Customer and vendor dealings, privacy rules, complaint and red-flag escalation, supervision, controls, written supervisory procedures, and business continuity.

Preparing for the Series 99 Exam

What You Need to Know

Passing score: Not stated in the current FINRA Series 99 page or linked outline; FINRA uses equated scoring
Assessment: 50 scored multiple-choice questions plus 5 unscored pretest items
Time limit: 1 hour 30 minutes
Exam / certification fees: $100 Official sources

Using Our Practice Resources

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Series 99: Suggested Study Strategy

1Map the full operational workflow from account opening to settlement so you understand where SSIs, ACATS, DRS/DWAC, statements, and record retention fit together.

2Separate custody and control concepts from net capital and books-and-records concepts; the exam likes to test which control belongs to which rule set.

3Practice operational judgment questions on account restrictions, red flags, complaints, and escalation paths instead of memorizing only definitions.

4Memorize core transfer and settlement vocabulary, including ACATS, residual credits, DK notices, buy-ins, closeouts, DVP/RVP, and CNS.

5Review privacy and supervision topics with current dates in mind, especially Regulation S-P implementation milestones and business continuity obligations.

6Do timed question sets and avoid scheduling the exam until you are consistently scoring 80% or better on mixed-topic practice.

Frequently Asked Questions

What does Series 99 qualify an operations professional to do?

Series 99 is FINRA’s Operations Professional qualification. Covered functions include customer onboarding, funds and securities movements, account transfers, custody, settlement, margin and financial records. It does not by itself authorize sales recommendations; registration depends on actual responsibilities and applicable FINRA requirements.

Do I need the SIE and firm sponsorship?

Candidates normally need association with and sponsorship by a FINRA member or other applicable SRO member firm. SIE is a corequisite, so passing SIE and Series 99 is normally required for Operations Professional registration. Certain eligible registrations provide an exception under FINRA’s stated conditions.

What are the format and passing-score facts?

FINRA’s current outline provides 50 scored multiple-choice items and five unidentified unscored pretest items, for 55 delivered questions in 90 minutes. It describes equated scoring and no guessing penalty. The current official Series 99 page and linked outline reviewed do not state a numerical passing cutoff, so a raw correct-answer count should not be presented as a guaranteed pass.

What is the exam fee?

FINRA’s current qualification-exam table lists the Series 99 fee as $100. SIE enrollment is separate. Confirm current enrollment and appointment terms before scheduling.

How much study time should I plan?

OpenExamPrep suggests 35–60 hours over roughly 4–8 weeks as a planning estimate, not an official FINRA requirement or measured pass-rate claim. Adjust the plan to experience and practice results, emphasizing both the 70% operations function and the 30% conduct function.

What is the retake waiting period?

As of October 20, 2026: 30 calendar days after the first and second failures; 180 after the third and subsequent failures within two years. Notice 26-18 shortens these to 15 and 60 days effective January 19, 2027, with transition provisions. Consult FINRA Notice 26-18 for enrollment and already-scheduled-appointment handling.

Which dated rules should I distinguish during 2026 preparation?

T+1 is the current standard for covered regular-way trades. Regulation S-P’s larger- and smaller-entity compliance dates have passed, and qualifying firms’ daily reserve-computation compliance began no later than June 30, 2026. FINRA’s new intraday-margin rules became effective June 4, 2026, with a permitted firm transition through October 20, 2027. A future proposal or a legacy rule during transition must not be described as universally current.